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The U.S. government continues to develop and enact legislation to aid employers and individuals in light of COVID-19. Today, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes, among numerous provisions designed to stimulate and protect the American economy, a provision to allow individuals to use their Flexible Spending Account (FSA), Health Reimbursement Arrangements (HRA), and Health Savings Account (HSA) funds tax free to purchase over-the-c...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: CARES Act , Coronavirus Aid Relief and Economic Security Act , Coronavirus , COVID-19 , Over-the-counter medications , OTC , Menstrual care products , telemedicine , HSA eligibility
In light of COVID-19, many schools and businesses are being forced to make changes including closings, layoffs, and remote workforces. Just last night, President Trump signed the Families First Coronavirus Response Act (FFCRA), which includes provisions to help employees and their employers, by among other things, providing emergency paid sick leave and expanding the Family and Medical Leave Act (FMLA) temporarily to allow for paid family leave for working families affected by school closures. A...
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Categories: Benefits in General, Compliance | Tags: Families First Coronavirus Response Act , FFCRA , Coronovirus , COVID-19 , FMLA , Paid Sick Leave , Family Medical Leave Act
The IRS has issued Notice 2020-15, which provides relief for testing and treatment for the 2019 Novel Coronavirus (COVID-19) from being disqualifying coverage for eligibility to contribute to a Health Savings Account. Health Plans are permitted to offer these services before the minimum High Deductible Health Plan deductible has been satisfied.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , HDHP , High Deductible Health Plan , COVID-19 , Coronavirus , Notice 2020-15

The Difference between Schedule A and Schedule C

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This time of year, employers who have calendar year Form 5500 obligations, begin gathering information for their filing that may include Schedule As and/or Schedule Cs. Employers who sponsor ERISA plans that had 100 or more employees on the first day of the plan year are required to file a Form 5500 by the last day of the seventh month following the end of the plan year.
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Categories: Benefits in General, Compliance | Tags: Form 5500 , Schedule A , Schedule C , Wrap Plan
The IRS has published revised versions of various forms and instructions used by taxpayers to assist them in preparing their 2019 income tax returns. For Health Savings Account (HSA) accountholders, in addition to your IRS Form 1040, you must also complete Form 8889. Based on your contributions and distributions during the year, you may need to include Schedule 1 and/or Schedule 2.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , Health Savings Account , Form 8889 , Schedule 1 , Schedule 2 , Form 1040 , IRS , 2019 tax filing , penalty
When it comes to ERISA compliance, employers and brokers frequently ask us: who is responsible for creating documents and SPDs, how is a wrap plan used to satisfy ERISA compliance, and what information must be provided to employees and when. To help navigate some of the more common myths and misconceptions surrounding when employers must have plan documents and SPDs for benefits they sponsor we have provided the following responses to some of the more frequently asked questions.
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Categories: Benefits in General, Compliance | Tags: ERISA , DOL , Wrap Plans , SPD , Summary Plan Description , Plan documents , 5500 , Compliance Services

Health Coverage Tax Credit (HCTC) Extended

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The Health Coverage Tax Credit (HCTC) has been extended for all 2020 coverage months. Participants may need to take action to receive the HCTC for 2020 coverage.
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Categories: Benefits in General, Compliance | Tags: Health Coverage Tax Credit , HCTC , 2020 , Form 8885 , HCTC Advance Monthly Program
Entities that provide prescription drug coverage to Medicare Part D eligible individuals must disclose to Centers for Medicare & Medicaid Services (CMS) whether the coverage is "creditable prescription drug coverage".
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Categories: Compliance, Health Care in General | Tags: CMS , Creditable Coverage , March 1st , Disclosure , Medicare Part D Notice
The Department of Labor (DOL) recently published the 2020 annual inflation adjustments to the civil monetary penalties for various violations pertaining to health and welfare benefit plans and pension and retirement plans.
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Categories: Compliance | Tags: DOL , Penalty , Inflation Adjusted , 2020
The IRS has released the latest version of Publication 502 for use in preparing 2019 tax returns. Taxpayers interested in filing itemized deductions for medical expenses will find the IRS Pub. 502 a useful resource when preparing their federal income tax returns.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS Pub 502 , Publication 502 , Medical Expenses , Itemized Medical Expenses , 2019 Tax Filing
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